Please answer the question in 2000 words By identifying the issue Identification of the source of the law on each issue: case law, statute.Accurate explanation or justification of the relevant law on each issue.Application of the relevant law to each issue.Presentation and organisation of work in a logical manner.

2. Damages may take the form of liquidated damages which are a pre- estimate of damages by the parties in the event of a breach of contract. Where the pre-estimated amount is not a genuine assessment of likely damage, it may amount to a penalty and are generally not enforceable. Are penalties, then, a curb on contractual freedom? Discuss and justify your